A recent study published in ‘Applied Mathematics and Nonlinear Sciences’ sheds light on the evolving landscape of China’s power market, particularly in the context of integrating renewable energy resources. The research, led by Wang Haohao from the Development Research Department at Guangdong Power Exchange Center Co., Ltd, highlights the urgent need for a new power market system architecture that aligns with the country’s ambitious “dual-carbon” goals.
As China seeks to enhance its energy transition, the study emphasizes the necessity of a multidimensional synergistic power market system. This innovative approach aims to facilitate large-scale access to renewable energy sources, which is critical as the nation grapples with increasing energy demands and the imperative to reduce carbon emissions. “The construction of a new type of power market system with new energy as the main body is not just a goal; it’s a necessity for sustainable development,” said Wang Haohao.
One of the significant contributions of this research is the development of a coordinated control strategy that addresses the complexities of integrating new energy into the distribution network. By calculating transient currents and factoring in the uncertainty of renewable energy output, the study proposes a clearing and pricing mechanism that considers energy storage constraints. This mechanism is set to revolutionize how energy is traded and priced in the market, ensuring that the economic benefits are maximized for all stakeholders involved.
The findings are particularly compelling. When new energy outputs reach 5GW or 10GW, the study reveals that voltage fluctuations in the power system remain manageable, ranging between 0.5 to 1.5. More notably, the economic benefits derived from the proposed clearing pricing scenario, which incorporates both storage charging and discharging rights, can yield up to 9,428.45 yuan—1.67 times greater than scenarios considering only storage charging rights. This significant enhancement in economic returns underscores the potential for improved profitability in the energy sector.
The implications of this research extend beyond theoretical frameworks; they offer practical solutions that could shape the future of energy trading in China and potentially influence global markets. By establishing a robust pricing mechanism within a multidimensional power market system, the study paves the way for a more resilient and economically viable energy landscape. “Our model not only addresses the immediate challenges but also sets the stage for a more integrated and sustainable energy future,” Wang noted.
As the energy sector continues to evolve, this research serves as a crucial stepping stone towards achieving a greener and more efficient power market. With the integration of advanced pricing models and coordinated control strategies, stakeholders in the energy market can look forward to a future where renewable energy plays a pivotal role in driving economic growth. For more information on Wang Haohao’s work, you can visit the Guangdong Power Exchange Center’s website at lead_author_affiliation.
